Legal Question in Business Law in Pennsylvania

credit Card collection protection

I am a partner in a non incorporated small business that is going out of business. we have 2 credit card debts that are more than our worth as a business. the business is in my name only my wife is no part of this business in any way. Can the credit card company in any way collect on this debt from my personal joint assets with my wife? The business has already been turned over to a collection agency for one of the cards. we are trying to sell the business but have had no luck to this point. the collection agency is trying to get me to take out a loan to cover the bebt. I will not and they are treatening legal action. is my home etc. safe?


Asked on 11/19/02, 12:02 pm

1 Answer from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: credit Card collection protection

Under Pennsylvania Law an individual debt of a spouse is not a lien on assets owned jointly with a spouse as tenants by entirieties. There are certain exceptions, especially the IRS or Federal governmentas a result of a Supreme Court ruling this year. That being said you should seek the advice of legal counsel to review your matter. I would not suggest that you allow a judgment to be enterd against you. If I can be of any assistence, please call. Gerald Hershenson Esq. 215-579-9390

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Answered on 11/19/02, 12:45 pm


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